Gujarat PSUs shines
Kolkata: Section of the investing community in their quest for low-priced mid cap stocks have of late been attracted by the Gujarat state-owned companies. A number of such stocks are seeing enhanced activity on the major bourses on revaluation possibilities. Better quarterly performance as also hopes of disinvestments have drawn market attention to these counters.

Among these stocks, Gujarat Alkalies and Chemicals on Tuesday shot up by 15.55 per cent to close at Rs 73.95 with a traded quantity of 11.79 lakh shares on the BSE. The Gujarat Narmada Valley Fertilizer (GNFC) moved up by 2.95 per cent to Rs 62.80 with a volume of 6.42 lakh shares on the BSE.

The Gujarat Industries Power (GIPCL) counter recorded a traded volume of 10.86 lakh shares and it gained by 2.64 per cent at the closing price of Rs 50.50, while the Gujarat State Fertilizer (GSFC) stock made a gain of 0.55 per cent and had a volume of 5.51 lakh shares. The Gujarat Mineral Development Corporation (GMDC) after touching its 52-week high, closed a tad lower but three other stocks - the Gujarat Alkalies, GSFC and GIPCL - finished at their 52-week highs. According to Mr Devarsh Vakil of Angram Stockbroking, the fresh initiative by the Gujarat Government towards disinvestments of 54 State outfits has generated interest among retail investors.
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Private placement talk helps Moschip
Mumbai: Select market players are continuously accumulating the stock of Moschip Semiconductors over the last few days. This continued on Tuesday also. The interest in the counter is mainly on market talks of a private placement of the company's shares to several institutional investors.

Talk is that they would be placed at around Rs 100 per share, that is at a huge premium to the ruling market price. Dealers said the semiconductor business of the company is also on uptrend after remaining dull over the last few years. The stock gained 13.12 per cent on the BSE at Rs 52.15 with volume of 8.56 lakh shares.
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Ambuja Cement Eastern up
Mumbai: After the recent big deal in the shares of ACC, takeovers in cement industry are again being talked. On the list takeover targets this time is Ambuja Cement Eastern, a company in which Gujarat Ambuja Cement has majority stake. Dealers said two leading foreign multinational cement companies - Lafarge and Holcem - are eyeing this company. Even though the exact status of the deal is not known, market players said based on this
development some investors have started accumulating the stock over the last few days. This has already pushed the price. On Tuesday also some buying from these investors took place. The stock gained 8.10 per cent at Rs 44.04 on the BSE with volumes of 75,690 shares.
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JM Mutual to tap NRIs with new fund
Kolkata: JM Mutual Fund has proposed to tap long-term investors in a special way, courtesy an interval fund that will carry only a growth option, considered suitable for investors who have a time horizon of at least 10 years.The proposed JM Pravasi Bandhu Fund will be an open-ended scheme, seeking capital appreciation mainly through active investment in equities, and will allow purchase and redemptions at prices based on its net asset value during the interval period.

This will be the third interval fund proposed by the mutual fund in recent times. The others are aimed at two specific sectors - automobile and pharmaceuticals.The latest proposal is expected to be taken up by NRIs (non-resident Indians), who may invest in it subject to certain conditions. As for issue of units on a non-repatriation basis, the funds for investment should be provided by eligible NRIs by way of inward remittance or by debit to their NRE/FCNR/NRO/NRSR accounts maintained with authorised dealers in India.

For issuing units on a repatriation basis, the investment should be made by eligible NRIs out of funds remitted from abroad in free foreign exchange through normal banking channels or out of balances held in their NRE/FCNR accounts maintained in India.It may be mentioned here that the Reserve Bank of India, according to a March 1999 notification, had granted general permission to domestic mutual funds to issue units under schemes floated by them to NRIs and PIOs (persons of Indian origin).

Foreign institutional investors and multilateral funding agencies will be required to pay their subscription by direct remittance from abroad or out of their special non-resident rupee account aintained with a designated bank in India. On a full repatriation basis, such subscriptions will be subject to approval by the Foreign Investment Promotion Board.
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Rupee ends weaker
Mumbai: The rupee on Tuesday ended the day a tad weaker at 45.30/31 against the dollar, with the regulator mopping up the heavy dollar inflows said currency merchants. On Monday, the domestic currency closed at 45.2850/2950.
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